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June 20, 2013

Raymond James Improves Securities Results in May

Fees and commissions rise nearly 9% from April for its 6,200-plus advisors

Raymond James Financial (RJF) said Wednesday that its total securities commissions and fees were $271 million in May, an increase of 8.6% over results in April and jump of 12.5% over May 2012 results.

Total assets under administration were $412.7 billion, up 0.2% from April and 14.3% percent over the year-ago period. Total assets under management hit $52.7 billion, up 1.7% from April and 32.1% over May 2012.

“These metrics represent the primary drivers of our Private Client Group and Asset Management segments, respectively,” the company explained in a press release.

“We continue to execute on our cost savings initiatives following the Morgan Keegan integration,” added Raymond James, which is led by Paul Reilly (left). “We believe our businesses are well positioned but still face uncertain economic and capital markets environments."

Outstanding loans at Raymond James Bank grew 1.2% to $8.4 billion, which represents the recovery of April's drop—and fundings exceeded payoffs during the month of May, according to Raymond James.

The company says its Equity Capital Markets group had an improved syndicate calendar, “which helped drive commissions in both its business and that of the Private Client Group.”

Still, within its Fixed Income unit, commissions were flat, “with last month's depressed level while the business generated no trading profits as rising rates and a noncorrelated Treasury market made it difficult to hedge interest-rate risk in the tax exempt municipal portfolio.”

Due to the “challenging” rate environment, these trends have continued into June.

Raymond James has more than 6,200 financial advisors serving more than 2.4 million accounts in 2,500-plus locations in the United States, Canada and the United Kingdom.

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